Joint Account?

Rhia

I was wondering if anyone could give me some advice about opening a joint current account. My boyfriend and I were flooded back in July and have just received our contents insurance money.

Unfortunately the flat is still unihabitable, but we are hoping to move back in soon.. which gives us a bit of time to spend our insurance money wisely on new furniture.

The only problem is I want to deposit this money in a joint account that we both have Maesto cards too, so we can then use the account to pay bills, dd's etc afterwards. I was wondering which banks offer this service and how do we go about applying for one?

We both have graduate accounts in OD with the same bank and were wondering if they may be able to provide us with a joint account? (Be easier for online banking etc..) We need a Maestro card though as a Solo is pratically useless.

Thank you for you time,

Rhi

Bagger

Almost all banks will offer this. Why don't you ask your present bank. The only thing you should be aware of is if there are any charges. For example, First Direct charges £10 per month for every current account if you do not meet its criteria for "free" banking.

Bagger

CLAPTON

wouldn't it be better to use the money to reduce the ODs?

Joint accounts can cause an awful lot of trouble.. they link you financially, you are both jointly and severally responsible for repaying any OD, if you split up its a lot of hassle to close the account

ziknik

If you both have a Maestro on your grad accounts there will be no problems getting a joint account at your current bank with Maestro cards. The OD’s won’t make any difference.

If one or both of you have a solo card, you’re probably best off trying another bank. Take passport / Driving licence with you.

Have you though of getting cash back credit cards. You might be able to earn yourselves some money out of this.

http://www.moneysavingexpert.com/cards/cashback-credit-cards

Rhia

CLAPTON wrote: »

wouldn't it be better to use the money to reduce the ODs?

Joint accounts can cause an awful lot of trouble.. they link you financially, you are both jointly and severally responsible for repaying any OD, if you split up its a lot of hassle to close the account

We both have salaries to reduce our graduate o/d's and need the insurance money to pay for new furniture as it all got thrown away. I think we need a joint account so we both have access to this money as it is legally both of ours.

Rhia

ZikNik, thank you that was really useful. We both have maestro cards so thats good news to hear it shouldn't be a problem.

Now is just finding the time when we can both get into a bank at the same time!


Cash back credit cards sounds a really good idea, although I am not sure I can be trusted!